{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1131.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1131.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1131.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1131.html"}],"law_id":56309,"edition_id":1,"section_id":56309,"structure_id":14426,"section_number":"6.2-1131","catch_line":"Liability of members of mutual savings institutions","history":"1985, c. 425, \u00a7 6.1-194.24; 2010, c. 794.","full_text":"A\n\nNo member of a mutual savings institution shall be responsible for any losses that the savings account deposits shall not be sufficient to satisfy.B\n\nNo savings account shall be subject to assessment for any unpaid installments on his account.C\n\nThe holder of a savings account shall not be liable for any unpaid installments on his account.D\n\nNo preference between savings account members of a mutual savings institution shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of such institution.","order_by":null,"text":{"0":{"id":206209,"text":"No member of a mutual savings institution shall be responsible for any losses that the savings account deposits shall not be sufficient to satisfy.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":206210,"text":"No savings account shall be subject to assessment for any unpaid installments on his account.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":206211,"text":"The holder of a savings account shall not be liable for any unpaid installments on his account.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":206212,"text":"No preference between savings account members of a mutual savings institution shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution, or winding up of such institution.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":14426,"edition_id":1,"name":"Incorporation; Certificate of Authority; Corporate Administration","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13490,"metadata":{},"date_created":"2026-06-26 03:48:06","date_modified":"2026-06-26 03:48:06","permalink":{"id":264161,"object_type":"structure","relational_id":14426,"identifier":"2","token":"6.2\/II\/11\/2","url":"\/6.2\/II\/11\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13490,"edition_id":1,"name":"Savings Institutions","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":13000,"metadata":{},"date_created":"2026-06-26 03:45:01","date_modified":"2026-06-26 03:45:01","permalink":{"id":264101,"object_type":"structure","relational_id":13490,"identifier":"11","token":"6.2\/II\/11","url":"\/6.2\/II\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13000,"edition_id":1,"name":"Depository Institutions and Trust Organizations","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":263685,"object_type":"structure","relational_id":13000,"identifier":"II","token":"6.2\/II","url":"\/6.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":67165,"structure_id":14426,"section_number":"6.2-1114","catch_line":"Application of Virginia Stock Corporation Act and Virginia Nonstock Corporation Act","url":"\/6.2-1114\/","token":"6.2\/II\/11\/2\/6.2-1114","metadata":false},{"id":67065,"structure_id":14426,"section_number":"6.2-1115","catch_line":"Formation of state savings institutions","url":"\/6.2-1115\/","token":"6.2\/II\/11\/2\/6.2-1115","metadata":false},{"id":55786,"structure_id":14426,"section_number":"6.2-1116","catch_line":"Corporation name","url":"\/6.2-1116\/","token":"6.2\/II\/11\/2\/6.2-1116","metadata":false},{"id":86871,"structure_id":14426,"section_number":"6.2-1117","catch_line":"Par value of shares; payment of shares; reacquisitions of shares or acceptance thereof as security; how subscriptions to stock to be paid; disposition of money received before institution opens; stock option plans","url":"\/6.2-1117\/","token":"6.2\/II\/11\/2\/6.2-1117","metadata":false},{"id":57320,"structure_id":14426,"section_number":"6.2-1118","catch_line":"Certificate of authority to do business","url":"\/6.2-1118\/","token":"6.2\/II\/11\/2\/6.2-1118","metadata":false},{"id":83031,"structure_id":14426,"section_number":"6.2-1119","catch_line":"Commissions and other fees for sale of stock not permitted","url":"\/6.2-1119\/","token":"6.2\/II\/11\/2\/6.2-1119","metadata":false},{"id":73082,"structure_id":14426,"section_number":"6.2-1120","catch_line":"Minimum capital requirement","url":"\/6.2-1120\/","token":"6.2\/II\/11\/2\/6.2-1120","metadata":false},{"id":79467,"structure_id":14426,"section_number":"6.2-1121","catch_line":"Board of directors","url":"\/6.2-1121\/","token":"6.2\/II\/11\/2\/6.2-1121","metadata":false},{"id":82570,"structure_id":14426,"section_number":"6.2-1122","catch_line":"Meetings of board of directors","url":"\/6.2-1122\/","token":"6.2\/II\/11\/2\/6.2-1122","metadata":false},{"id":78474,"structure_id":14426,"section_number":"6.2-1123","catch_line":"Notice of meetings of members; determining members entitled to notice or to vote","url":"\/6.2-1123\/","token":"6.2\/II\/11\/2\/6.2-1123","metadata":false},{"id":73534,"structure_id":14426,"section_number":"6.2-1124","catch_line":"Voting rights; proxies","url":"\/6.2-1124\/","token":"6.2\/II\/11\/2\/6.2-1124","metadata":false},{"id":84832,"structure_id":14426,"section_number":"6.2-1125","catch_line":"Access to books and records; communication with members","url":"\/6.2-1125\/","token":"6.2\/II\/11\/2\/6.2-1125","metadata":false},{"id":69406,"structure_id":14426,"section_number":"6.2-1126","catch_line":"Audit of savings institution; report","url":"\/6.2-1126\/","token":"6.2\/II\/11\/2\/6.2-1126","metadata":false},{"id":82490,"structure_id":14426,"section_number":"6.2-1127","catch_line":"Bonds of officers and employees","url":"\/6.2-1127\/","token":"6.2\/II\/11\/2\/6.2-1127","metadata":false},{"id":70597,"structure_id":14426,"section_number":"6.2-1128","catch_line":"Loans to executive officers or directors","url":"\/6.2-1128\/","token":"6.2\/II\/11\/2\/6.2-1128","metadata":false},{"id":74367,"structure_id":14426,"section_number":"6.2-1129","catch_line":"Overdrafts by savings institution officers, directors or employees","url":"\/6.2-1129\/","token":"6.2\/II\/11\/2\/6.2-1129","metadata":false},{"id":63419,"structure_id":14426,"section_number":"6.2-1130","catch_line":"Reserves; surplus and undivided profits","url":"\/6.2-1130\/","token":"6.2\/II\/11\/2\/6.2-1130","metadata":false},{"id":56309,"structure_id":14426,"section_number":"6.2-1131","catch_line":"Liability of members of mutual savings institutions","url":"\/6.2-1131\/","token":"6.2\/II\/11\/2\/6.2-1131","metadata":false},{"id":60084,"structure_id":14426,"section_number":"6.2-1132","catch_line":"Mutual capital certificates","url":"\/6.2-1132\/","token":"6.2\/II\/11\/2\/6.2-1132","metadata":false}],"previous_section":{"id":63419,"structure_id":14426,"section_number":"6.2-1130","catch_line":"Reserves; surplus and undivided profits","url":"\/6.2-1130\/","token":"6.2\/II\/11\/2\/6.2-1130","metadata":false},"next_section":{"id":60084,"structure_id":14426,"section_number":"6.2-1132","catch_line":"Mutual capital certificates","url":"\/6.2-1132\/","token":"6.2\/II\/11\/2\/6.2-1132","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1131\/","history_text":"

This law was first created in 1985. The record of its establishment is cataloged in chapter 425 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1985 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":264231,"object_type":"law","relational_id":56309,"identifier":"6.2-1131","token":"6.2\/II\/11\/2\/6.2-1131","url":"\/6.2-1131\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1131\/","token":"6.2\/II\/11\/2\/6.2-1131","dublin_core":{"Title":"Liability of members of mutual savings institutions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1131","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No member<\/span> of a mutual savings institution<\/span> shall be responsible for any losses that the savings account<\/span> deposits shall not be sufficient to satisfy. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No savings account<\/span> shall be subject to assessment for any unpaid installments on his account. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The holder of a savings account<\/span> shall not be liable for any unpaid installments on his account. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> No preference between savings account<\/span> members<\/span> of a mutual savings institution<\/span> shall be created with respect to the distribution of assets<\/span> upon voluntary or involuntary liquidation<\/span>, dissolution, or winding up of such institution. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLIABILITY OF MEMBERS OF MUTUAL SAVINGS INSTITUTIONS (\u00a7 6.2-1131)\n\nA. No member of a mutual savings institution shall be responsible for any losses\nthat the savings account deposits shall not be sufficient to satisfy.\n\nB. No savings account shall be subject to assessment for any unpaid installments\non his account.\n\nC. The holder of a savings account shall not be liable for any unpaid\ninstallments on his account.\n\nD. No preference between savings account members of a mutual savings institution\nshall be created with respect to the distribution of assets upon voluntary or\ninvoluntary liquidation, dissolution, or winding up of such institution.\n\nHISTORY: 1985, c. 425, \u00a7 6.1-194.24; 2010, c. 794.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}